NASFUND Member Benefits and Interest

The magic of compound interest.

NASFUND members should take advantage of the benefit of compound interest while contributing towards their retirement savings. 

Source: NASFUND Facebook | 23rd March 2019

Chief finance officer, Rajeev Sharma said that the benefit of compound interest can be seen when NASFUND member does not withdraw funds for the long term. 

Compound interest will further grow member's balance if the  member increases an additional amount from the normal mandated contributions of the member or employer contributions.

Find out how to check you NASFUND balance using mobile phone, click here

In an example of a member who has contributed for 30 years.

The illustration below shows the benefit of increasing one’s contribution through voluntary contribution of K50 and K150 with an assumed average return of interest of 5% for the period of 30 years. 

Additional Contribution (K) 

10yrs    20yrs       30yrs          

K50      K7736      K20, 339   K40, 866

K150   K23,207    K61,007    K122,579

A member who increases an additional contribution of K50 for the next 30 years will have a total additional balance of K40,866, out of which he would have contributed only K 18,000 and balance of Kina 22,866 would come from interest. 

However, if the NASFUND member increase an additional of K150 for the next 30 years, the member will have K122, 579 as his total balance.

“This is the magic of compound interest”, he said. 

Recommended reading: NASFUND online services for members and employees

“This will happen if the member does not touch the funds while still contributing and the savings will grow through interest that is being credited by the FUND annually”. 

NASFUND has paid K1.4 billion as crediting amount to it’s members in the last six years.

Do you have accounts with Nasfund, Kina Bank, BSP or into POM stock exchange? Check out the latest Financial News, Savings and Loans, and Superannuation updates on PNG Insight.

Unitech Application for Re-admission Application

Universty of Technology (Unitech, Lae) 2019 Semester 2 Application for Enrolment now open for readmission of discontinued or suspended or withdrawn students.

Key points:

• Application for students who are seeking re-enrolment for semester 2, 2019.
• Non-refundable application fee is K50.
• Applicatoin for re-enrolment to an undergraduate study closes on 20th APRIL 2019.
• Apply now

Here is the official letter from the Registrar, UNITECH.

RECOMMENDED READING: The University Graduate Assistantship Program (GAP) is a competitive postgraduate Scholarship Program that is available for exceptionally qualified Unitech graduates ONLY to Masters and PhD programs. See the list of programs.

Source: Notice of Re-admission out on the 14th March 2019 | Closing date 20th April 2019

Very important notice

1. Applicants seeking re-admission should take note that:

i. If you have previously failed 2 time in the past year or 3 times in any of the subsequent years of you program of study then you are automatically disqualified from re-admission in that program.

ii. If you have not completed your program of study within the prescribed allowable period of completion (DEGREE PROGRAM – 7 YEARS) then you are automatically disqualified from re-admission in that program.

2. A non-refundable fee of K50 is to be deposited into:

     PNG University of Technology

    Account Number 1000 386581

    Bank South Pacific

    Lae Branch

The original bank receipt must be attached to the application form and sent to:

    The Admission Office (NLS APPLIC)

    Papua New Guinea University of Technology

    Private Mail Bag

    Lae

    Papua New Guinea

3. Faxed or emailed copies of the 2019 Unitech Application form for re-admission will not be accepted.

4. Application form is available on the PNG UNITECH website (http://www.unitech.ac.pg).  You can also request for an application from through the email address stated below (9).

5. Application close on the 20th of April 2019. Any application forms received after the closing date will be rejected.

6. Applicants are required to carefully read through the instructions and strictly comply to avoid outright rejection of their application forms.

7. Applicants who are caught with forged/altered documents will be blocked and permanently disqualified from ever applying to any program at UNITECH in the future.

8. The university will not accept two or more applications from an applicant.

9. Any queries regarding the 2019 UNITECH application form for re-admission or the above should be directed to the Admission Office on telephone (675) 473 4289 / 472 4283 / 473 4445 or email admission@pnguot.ac.pg

The 2019 application for admission to Unitech program of study Public Notice was posted the 14th of March at the university’s website.